ABSTRACT

It was unfortunate that Britain's own internal industrial development had largely been overbuilt. Exports were arranged with a European cartel and work was allocated among British manufacturers on an agreed basis. Various rings, groups and associations were formed in Britain. Rings, cartels and trade associations were formed of firms engaged in the manufacture of various commodities in order to keep prices up and to allocate the work. For thirty-five years Ford and others have worked to bring up the standard of living by raising the wages of the workers and by lowering the price to the consumer. The Government of the United States has ruled that prices be kept low to the consumer and has forbidden price rings, quotas and cartels. American sons of leaders of industry had their University degree but in addition they were made to take their full practical training afterwards as well as during holiday periods.